So we are getting shorted on the Hood, and we didn't get IS.

So what are we getting? It is debatable if you can trust the charts that Canon provides, but as of late they have been some what of an indicator of what we can expect.

If you compare charts the 24-70mm II to the 70-200mm II at 70mm it indicates the 24-70mm is going to be a nice step up in IQ over the 70-200mm II. Of course the weakest part of the 70-200mm II is at 70mm but it is still very good.

At 24mm, it looks like it will surpass the 16-35mm II. Just as the 70-200mm II gives near prime type IQ, it looks like the 24-70mm II is going to be in that same class. At 24mm it appears it will be a very good lens as well.

If it performs even close to what the charts are showing, its lack of IS and weak Hood set up will be small things.